Extell Development Acquires Office Building On Upper West Side For $930M
77 West 66th Street, New York City, New York 10023, United States
$930,000,000
$775/SF
Building Size
1,200,000 SF
Asset Type
Office
Closing
Feb 28, 2022
About this deal
AI
Extell Development Company has acquired an office property located at 77 West 66th Street in the Upper West Side market. The transaction took place on 03/01/2022 with a sale price of $930,000,000. The property has a total square footage of 1,200,000, resulting in a price per square foot of $775. The seller of the property was Silverstein Properties, while the buyer was represented by Gary Phillips & Will Silverman from Eastdil Secured.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $930,000,000
- Address: 77 West 66th Street
- Market: Upper West Side
The acquisition of the property at 77 West 66th Street was facilitated by Extell Development Company, led by their representatives Gary Phillips & Will Silverman from Eastdil Secured. Extell Development Company purchased the office asset from Silverstein Properties. The transaction marks a significant milestone for all parties involved in the deal.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93